我国信贷市场货币政策传导有效性的实证分析  

Empirical Study of the Effectiveness of Monetary Policy through Credit Market in China

作　　者：胡晓阳[1] 谢宇[1] 

机构地区：[1]暨南大学经济学院,广东广州510632

出　　处：《中南财经政法大学学报》2009年第4期58-63,共6页Journal of Zhongnan University of Economics and Law

摘　　要：本文使用我国2003年1月～2008年12月月度数据，对我国货币政策信贷市场传导的有效性进行实证分析。实证结果发现：从货币政策到信贷市场传导过程中，我国货币供应量Mo、M1和M2和与金融机构贷款总额之间存在长期均衡稳定关系；从信贷市场到实体经济传导过程中，我国金融机构贷款总额与GDP、CPI、CUS之间存在长期均衡稳定关系，但是有一定程度的梗塞。In this paper,we use measurement methods such as unit root test,cointegration analysis and Granger causality test to do empirical study of the effectiveness of monetary policy through credit market in China with the monthly data from January 2003 to December 2008.And we find out that the loans of financial institutions have a long-term,steady and balanced relationship with the M2,M1 and M0 of money supply.From the credit market to real economy,GDP,CPI and CUS in China have a long-term,steady and balanced relationship with the loans of financial institutions,but exist infarction to some extent.

关 键 词：信贷市场 货币政策 货币供给 信贷渠道 

分 类 号：F830.2[经济管理—金融学]